EarthFirst Canada Inc. has entered into binding agreements with Avro Wind Energy Inc. to sell a majority of its remaining development assets. These assets include EarthFirst's development projects in British Columbia (excluding the Dokie Project), the Benchlands Wind Power Project in Saskatchewan and the Bonavista Wind Power Project in Newfoundland.
As a result of these transactions, EarthFirst will receive funds of approximately C$860,000 by way of purchase price consideration and release of deposits held in support of a letter of credit plus applicable sales tax.
The completion of the sales are subject to – among other customary closing conditions, including assignment of various land tenure documents – approval by the Court of Queen's Bench of Alberta pursuant to EarthFirst's current proceedings under the Companies Creditors' Arrangement Act.
SOURCE: EarthFirst Canada Inc.